New Home Closings in Wheeling Remain at Zero
Posted on: May 06, 2013 07:39:23 AM
New home closings in the Wheeling, WV market stayed the same year-over-year in January, staying level after a year-over-year decline in December from the year earlier. Closings remained level at none from a year earlier after the figure moved from three in December 2011 to none in December 2012.
A total of seven new homes were sold during the 12 months that ended in January, equal to the number of new homes sold for the year that ended in December.
For new and existing homes, closings slid in January after also declining in December year-over-year.
Other Market Trends
Foreclosures and real estate owned (REO) closings did not look to be a burden on the market. Combined, foreclosures plus REO closings made up 23.3% of existing home closings. In January 2012, they represented 24.6%. The percentage of existing home closings involving foreclosures dipped to 13.3% in January from 18.8% a year earlier while REO closings as a percentage of existing home closings rose to 10.0% from 5.8%.
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